Meeting The Needs Of Gen Y

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This presentation was delivered at The Payments Authority's Concepts '09 annual conference to financial service professionals and corporate partners on ways to leverage social media tools to connect with Gen Y.

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Meeting The Needs Of Gen Y

  1. 1. Meeting the Needs of Gen Y Social Networking and Other Strategies The Payments Authority Concepts ‘09 September 18, 2009 Eric Cook, Certified Internet Business Consultant
  2. 2. Did You Know Video…
  3. 3. What Does This Mean For Financial Services?
  4. 4. Agenda <ul><li>Who is Gen Y? </li></ul><ul><li>Evolution of the web </li></ul><ul><li>Social networking </li></ul><ul><li>Social banking </li></ul><ul><li>Free promotion tools </li></ul><ul><li>Wrap-up and questions </li></ul>
  5. 6. Why “Gen Y”
  6. 7. Generation Y <ul><li>Also referred to as the Millenials </li></ul><ul><li>Primarily offspring of Baby Boomers </li></ul><ul><li>Shaped by trends of the time </li></ul><ul><ul><li>Internet, e-mail, texting, Facebook, YouTube </li></ul></ul><ul><li>“ Trophy” kids </li></ul>
  7. 8. Shifting Values Source: Bea Fields, Author Learning Speed Entertainment Innovation Collaboration Gen Y 1980 - 1990s Freedom Change Independence Portability Flexibility Gen X 1966 - 1979 Competition Idealism Hard Work Money & Status Climbing the Ladder Boomers 1925 - 1965 Consistency Logic Discipline Loyalty Legacy Traditionalists 1901 - 1924 5 4 3 2 1
  8. 9. Evolution of the Web <ul><li>Then (1.0) </li></ul><ul><ul><li>Basic information source </li></ul></ul><ul><ul><li>Online brochures </li></ul></ul><ul><ul><li>Looks nice, but difficult to determine effectiveness </li></ul></ul><ul><ul><li>Expense items </li></ul></ul><ul><li>Now (2.0) </li></ul><ul><ul><li>24/7 sales person </li></ul></ul><ul><ul><li>Accountable (ROI) </li></ul></ul><ul><ul><li>Feedback </li></ul></ul><ul><ul><li>Conversational </li></ul></ul><ul><ul><li>Transparent </li></ul></ul><ul><ul><li>Open to contribution </li></ul></ul>
  9. 10. Online Advertising Spend
  10. 11. Percent of Total Spend
  11. 13. What is Web 2.0? <ul><li>Web 1.0 = One-way conversation </li></ul><ul><ul><li>“ Website” </li></ul></ul><ul><li>Web 2.0 = Two-way conversation </li></ul><ul><ul><li>Visitor-generated content </li></ul></ul><ul><ul><li>Feedback and participation </li></ul></ul><ul><ul><li>Involve and interact </li></ul></ul><ul><li>“ Business 101” </li></ul><ul><ul><li>Know me, like me, trust me… do business with me </li></ul></ul>
  12. 14. <ul><li>social media is basically a conversation </li></ul>hi whats up? social media What Is Social Media???
  13. 15. Using Networks Such As…
  14. 16. Social Network Profiles
  15. 17. The Future is Now <ul><li>Nearly 50 percent of senior marketing executives believe that social media (networking) is a vital component of corporate communications that should be monitored at the executive level and allocated appropriate resources . </li></ul><ul><li>-2008 Survey from TNS Comfony </li></ul>
  16. 18. Objectives of Social Media
  17. 19. Customer Rankings and Feedback <ul><li>96 percent of retailers surveyed ranked customer ratings and reviews as an effective or very effective tactic to driving conversion . </li></ul><ul><li>-Forrester Research and Shop.org </li></ul>
  18. 20. Benefits of Social Media <ul><li>Product Development </li></ul><ul><li>Customer Service </li></ul><ul><li>Networking & Idea Sharing </li></ul><ul><li>Market Intelligence (competition) </li></ul><ul><li>News & Information </li></ul><ul><li>Research on People (HR) </li></ul><ul><li>Global Perspective </li></ul><ul><li>Low Cost </li></ul><ul><li>Build Your Brand </li></ul><ul><li>Build Trust </li></ul>Source: Marketing 2.0
  19. 22. <ul><li>Just adding pages and pages of content as an SEO strategy doesn’t cut it anymore </li></ul><ul><li>Social Media is the new way to take your SEO strategy to the next level </li></ul><ul><li>Social Media increases the number of high quality links & targeted traffic (2 of the most important factors in SEO) </li></ul>SEO & SMO Work Together Hello. I’m SEO. And I’m SMO.
  20. 23. Blogging
  21. 25. Are You Blogging? <ul><li>Approx 133 million blogs indexed since 2002 with 900,000 posts in 24 hours (Technorati.com) </li></ul><ul><li>Blended term for “web” and “log” = “blog” </li></ul><ul><li>Website that supports feedback and is more conversational </li></ul><ul><li>Can be developed for personal or business use </li></ul><ul><li>Comments can be moderated or open </li></ul><ul><li>Good “first start” for companies </li></ul>
  22. 26. Examples of FI Blogs
  23. 27. Blogging Etiquette <ul><li>Be real & engaged </li></ul><ul><li>Provide value </li></ul><ul><li>Be accessible </li></ul><ul><li>Generate conversations </li></ul><ul><li>Listen to opinions </li></ul><ul><li>Ask questions </li></ul><ul><li>Help others (even competition) </li></ul><ul><li>Put others first </li></ul><ul><li>Listen to community </li></ul><ul><li>Leverage talent </li></ul>Source: MarketingProfs.com
  24. 28. The “Fab Four” <ul><li>Facebook </li></ul><ul><li>Twitter </li></ul><ul><li>LinkedIn </li></ul><ul><li>YouTube </li></ul>
  25. 29. Total Visits Source: Compete.com
  26. 30. Some Facebook Stats
  27. 31. Twitter-iffic
  28. 32. Twitter Tidbits
  29. 33. Peoples Bank Phishing Alert
  30. 34. LinkedIn <ul><li>Professional networking environment </li></ul><ul><li>More business focused </li></ul><ul><ul><li>Online resume </li></ul></ul><ul><li>Personal and Groups </li></ul><ul><li>Connections </li></ul><ul><li>Recommendations </li></ul>
  31. 35. YouTube <ul><li>Online video site created February 2005 </li></ul><ul><li>Sold to Google in November 2009 $1.65B </li></ul><ul><li>#2 search engine (behind Google) </li></ul><ul><li>2007 vs. 2000 bandwidth consumption </li></ul><ul><li>Flip camera </li></ul><ul><li>Examples… </li></ul>
  32. 36. Landmark BankVideo Channel
  33. 37. Consider Integrated Approach <ul><li>Consider social media as one leg of the chair </li></ul><ul><li>Identify what offline efforts are currently underway </li></ul><ul><li>Use to drive traffic to your end goal </li></ul><ul><li>Leverage tools to aggregate your message ( ping.fm ) </li></ul>
  34. 38. Social Banking <ul><li>Mint.com, Wasabe.com, QuickenOnline & Geezeo.com </li></ul><ul><ul><li>Web-based account aggregators and financial planning tools </li></ul></ul><ul><ul><li>Accounts, tips from other members and goals (budgeting tools) </li></ul></ul><ul><ul><li>Some even offer “social networking” for connections </li></ul></ul><ul><li>MoneyIsle.com, Prosper.com and LendingClub.com </li></ul><ul><ul><li>Provide P2P saving/lending capabilities </li></ul></ul><ul><li>SmartyPig.com - Provides users a way to save for a goal and invite others to help </li></ul>
  35. 39. Online PFMs Source: Compete.com
  36. 40. Mint.com
  37. 44. USAA - Mobile Deposits
  38. 46. Free Promotion Tools
  39. 47. Podcasting <ul><li>TalkShoe .com </li></ul><ul><li>BlogTalkRadio .com </li></ul><ul><li>InstantConference .com </li></ul>
  40. 48. Webinars <ul><li>DimDim .com </li></ul><ul><li>Also… </li></ul><ul><ul><li>GoToMeeting/Webinar </li></ul></ul><ul><ul><li>WebEx </li></ul></ul>
  41. 49. Whitepapers & Articles <ul><li>DocStoc .com </li></ul><ul><ul><li>“ Community Bankers Guide to Social Network Marketing ” by Jesse Torres </li></ul></ul>
  42. 50. Presentations <ul><li>SlideShare .net </li></ul><ul><ul><li>Embeds into LinkedIn </li></ul></ul>
  43. 51. Dealing with Negativity <ul><li>Realize you cannot control conversations </li></ul><ul><li>Opportunity for feedback </li></ul><ul><li>Gain respect by accepting criticism </li></ul><ul><li>Address open and honestly </li></ul><ul><li>Let the world see how you handle problems </li></ul>
  44. 52. Critical Success Factors <ul><li>Be yourself </li></ul><ul><ul><li>Not John Mackey, CEO of Whole Foods </li></ul></ul><ul><li>Be responsive </li></ul><ul><li>Contribute and give back </li></ul><ul><li>Don’t sit on the sidelines </li></ul>
  45. 53. It Takes Balance…
  46. 54. Questions Eric Cook Certified Internet Business Consultant [email_address] www.PoweredByWSI.com/Concepts09 (269) 841-5007

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